Commonwealth Bank NetBank Saver

NetBank has to be the worst of all banks! Constantly down when you need it most.Can't reach them on the phone and no information online! And may I mention the crazy new LOGIN having to press items on your mobile always to get online on my IMac! Really this is so slow and a nuisance> I'm migrating to another bank after 50years - They just don't care ...

Multiple payments taken out twice – We are aware some customers are seeing duplicate transactions from payments. We are working to reverse these transactions as a matter of urgency and any fees charged will be refunded. We're sorry for the inconvenience. Thanks for being patient with us.

Commonwealth bank falsly misleading and poor customer service – My 13 year old son needs a bank account opened. Commonwealth bank required online identification verification of 1 of the following as stated in email: Medicare card, birth certificate or passport. Online registration can be made for any child under 14 to open youth saver account. I added Medicare card, no issues although requested 2nd ID… Read more

verification even though email states 1 verification. 2nd ID valid although was not enough and now needed to go into branch to verify ID.

Was told when I go to branch there will be 1 to 1.5 hr wait to have the ID photocopied and entered into system. Bank assistant couldn't help further. I could not wait the waiting period due to work commitments. Nor could book appointment for another day that I am not working. Regardless for something that stated online registration for any child under 13 years old.

Phoned up to get clarification on why the online verification didn't work and was not given an answer just said I will need to go into bank and verify ID.

So after driving to bank on my work break. Then phoning up to hopefully resolve over phone (which was on hold for 1hr before connected to customer service representative). Then in the end having to go to branch again with no booking system in place so probably 1hr to 1.5hr wait on a weekend. All in all approximately 3 hrs it will have taken me to open a bank account (which is stated can be done online) for someone under 13 years of age.

Good service – Since coming to Australia I have been a customer of commbank. For the past two years I have experience good, fast and friendly service. The bank fees are low (compared to other) and the customer services at the branches are good and clerks are friendly. The netbank app is also easy to use. With the Netbank Saver account, you can get 0.5% interest when you have some excess money on your account. I would definitely recommend the bank services.

You set me at ease – Spoke to a Commbank representative about an internet scam getting a hold of my card details. [Name removed] who I spoke to on the phone was so reassuring and helpful! Thank you so much for your patience and reassurance, such a positive experience! Thank you, thank you, thank you!!

Very happy with NetBank Saver – I signed up for the NetBank Saver a few years ago and have been very happy. Essentially NetBank Saver is a free account that you can link with a different CBA transaction account (which charges monthly fees etc.) The NetBank Saver offers the standard variable rate for your interest. But they often have limited time promotion, if you sign up for a… Read more

new NetBank Saver account within a certain period of time, you will get an even higher rate. Once I dropped by a CBA branch (for queries irrelevant of the NetBank Saver account), a customer service officer offered me a rate upgrade for long time customers, so i had a high rate that normally only new customers would get. Of course the high rate was temporary, but it was still nice. High interest, free

Bank & Customer service staff – Misleading, careless and customer service has gone downhill. It's a worry, when they debit fees, without notifying the customer and say they will refund but do not.

Watch out for bonus rate renewal trap – I lost my house in the floods and got an insurance pay out. Comm bank gave me fair interest in net saver. Or so I thought. Just lost $700 because the rate is only good for 3 months then you have to go into a branch to renew it. Was not explained at all when they set it up.

Loyal customers are never appreciated by the banks – Never got any offers or benefits as a 19years plus loyal customer with cba. Only thing bank does is - profit and profit for its ownself.

bad customer service – i been on calls nearly 1 hour 35 min still no answer at all i been scammed and try to report the bank and this crap customer service not helping me still on hold even i didnt talk to any body yet it been more then an hour an half really bad service

THE WORST – Constantly crashing and updating key times no way to access your information no way to access net codes no where to transfer money bank does not give money to customers that have been affected.

Savings account is a SCAM – Do not bank with commbank. Do not set your kids up with COMMBANK. I had been with Commbank since my parents opened an account for me. When I turned 18, I had to change my Youth saver account to the Netbank saver. This is when I started noticing problems. I don't remember the exact interest rate advertised at the time (around 1%) but this did not… Read more

reflect the actual interest that I was receiving in my account every month. I was student working part-time: I had a constant stream of income and supposedly no account fees on the Netbank saver.

For $xx, xxx (5 figures) in my savings account, I was receiving a whopping 2 cents interest per month. You don't even need to do maths do realise that it does NOT add up to interest p.a. advertised on the website. Being a naive youngster, I didn't think to do anything about it. I continued using this savings account because it was convenient. I continued using it for YEARS. Imagine all the interest I lost out on. Every now and then I would also get charged a few cents for account fees. To finish this all off, they removed my savings account a couple months back without any warning.

Take this from my experience. Commbank do not care about their customers. They talk about helping customer improve their financial well-being when in reality they scam those who do not know any better.

Vultures – Over a period of 9 months Commbank have Continually changed my Interest Rate without notifying me as per the terms set out in there product disclosure! Ive Been loyal to this bank for 38 years But no longer! commbank, dont care about there customers!

ATMs always down – It seems every time I go to use a commonwealth branch it’s always “out of service” so annoying meaning I have to then drive to the next towns atm. Seriously

Joke of a savings account – 0,15% interest rate is a joke, which I was then able to increase to 0,40% for an extra 3 months by requesting online. Dumped them for UBank (1.35% base rate), use anyone but Commbank.

Commbank Netbank Saver Account Product – As a loyal customer of the Commbank the Netbank Saver account interest is dropped down to every 3 months to 0.5% and you as a loyal customer have to go to the branch and ask them to raise up again (you can do it yourself from the homepage of your on line account) but it has been slowly dropping over the last 9 months, 1.75%, 1.60%, now is 1.35% at April 27th 2019. Change Banks!!

The worst savings account ever – They closed my NetBank Saver without any warning at all so I complained to them but they totally ignored me and they were very rude to me and to my Mum as well.

The Last Straw – CBA Netsaver used to have a decent interest rate but somehow it declined to .5%. If you tell the bank that you want more they will give it to you but why should you have to ask. They must assume that most customers won't ask. I am therefore moving all of my accounts to MOVE bank who have far superior accounts.

My interest goes down every month! – I started the account last year and my deposit amount had increased gradually now to more than double as I put my earnings in this each week. I have noticed I received about $8 as my monthly interest back then but now I notice my interest is $4. What the hell? I deserve more than that. How does the interest go down as the deposited balance grow? They lure us in to opening an account with a higher rate and sneakily reduce the rate later.

Being Forced to join NetBank – I would like to know why i am being forced to join NetBank when I'm making a purchase on the internet. I got to my favourite site to make a purchase and was greeted by a NetBank letter through Checkout. Saying ''i can't make the purchase without first joining NetBank, this is and has nothing to do with the internet site as i have told them and… Read more

sent them a screenshot. Your Credit card is recognised as "CW" and then your jammed from making that purchase until you join which i will never do in a Million Years.

I like the bank but i do not like internet banking with the stories of people who have been relieved of there savings by unsavoury characters and this is common knowledge, You only have to google it.

I make internet purchases on an almost regular basis large and small and have never had a problem, We don't want to see you NetBank when were making purchase so stop hassling us, If we want to join you NetBank we'll contact you not the other way around.

Not good enough !! – After giving away my laziness i just realised that it has the lowest interest rates in Australia. There are many banks out there with better interest rate on savings accounts and with same level of customer service(which is honestly quite good)

No BPAY. No Automated transactions. No Online Transactions – It does not an alternative of the transaction account. I cannot pay my bills online, I cannot set direct debit for my loan or credit card payment online. I cannot do anything with my money in this account. Even transfer of my money from this account to transaction account happens after a day. So if I need money in an emergency my money cannot be helpful to me. ANZ's Online Saver is quite better.

1.05% is incredibly low – Commonwealth savings accounts have incredibly poor interest rates and always seem to be reducing much quicker that other banks. They offer a reasonable interest rate to get you to open account (eg 2.5% and then drop this to 1.05% within 3 months). Other banks are offering 3% with no drop. Go elsewhere.

Shockingly low credit interest rate – BEWARE! The credit interest for NetBankSaver has dropped steadily even though there have been no changes to the Reserve Bank Rate. The rate is now 1.05% which is shockingly poor. You can get double to triple this rate at a number of other institutions.

The difference between 0.25% and 0.30% or how to get a bonus with a rate cut – Checked my interest rate last week and it was 1.8%. After the RBA rate cut of 0.25 % I checked and I find CBA reduced the interest not only by 0.25% but by 0.30 %. Or in other words I copped a 20% "Bonus" of the .25% RBA rate cut. Better to see the branch tomorrow and get my money out in cash as long as CBA has any.

Where's my money – I had to transfer a large amount of money from my netbank saver account to a pension security so I could get a bank cheque drawn to pay the deposit on my nursing home room. After transferring the money the teller was still unable to draw me a bank cheque even though there was more than enough money in my account. The reason was given that because… Read more

of the large amount the banks policy was to not release the funds for security reasons until the next day. So I had to wait a day. It is my money and they refused to give it to me. Did they invest the money over night in their name and get the interest while making me wait to get what was mine?? The bank says you have instant access to money in your Netbank saver account 24/7 so why did they want me to move it to the other account in the first place? What a load of rubbish!

Shabby customer service – Recently I escorted my aging Mum in law to her branch, as she'd lost her passbook. after a 40 minute wait in line for a teller, we were advised that he could not assist us and we'd need to see one of the CSO's at the front counters. Another 25 minute wait ensued, only to find out that they also could not assist us either, as we'd need to speak… Read more

with the CSO at the very front of the bank. Speaking with her, she advised that we'd need to speak with a teller, as she could not assist. Get it right, people!! After explaining that we'd already been fobbed off twice in the last hour, she reluctantly organised another bank officer to assist. So finally, after 1hour and 20 minutes, we walked out with a new passbook. This branch shows little regard for their bread and butter customers, but appears to want to attract only large accounts.

This same branch told my mum in law outright lies some time ago, to have her transfer monies from her passbook account into a term deposit, did not advise her when the term had been reached, but rolled it over again and again, and made it extremely difficult for me to access her money back again at term completion.

Very dodgy business practices. I wonder how many other elderly are preyed upon by this bank? Very, very little. Interminable queues at peak times, with only two tellers on duty.

Misleading information – I went to the trouble of opening this account online and then had to go to the branch for identity check. It was only at this stage that I found out I also had to open a transaction account, although I did not want to make any transactions other than to move money into and out of the account. The transaction account has fees. On returning home I… Read more

checked their website and it clearly states that the net bank online account has 0 fees. In another section it does state that you can have a linked transaction account but it is not clear that this is mandatory and it definitely makes no mention of any fees. Besides the misleading info there are many similar accounts where you do not need to pay any fees and I now have an ING and Citibank one. I recommend the ING Orange where you can use any banks ATM for free, for withdrawals of $200 or more and their website is brilliant.

Misleading infor on website

Loyalty isn't deserved – I totally agree with the comments re the Commonwealth. They were giving loyal customers higher rates if you asked, so I did for many years. The last time we were told it's not the customers that matter now but the shareholders and profit is the name of the game. We asked why they spent so much on advertising and special rates to obtain new… Read more

customers when they were going to loose loyal ones in the process. They couldn't provide an answer and the staff members we spoke to seemed embarrassed by the banks attitude. Sadly their are few companies that reward loyalty, so loyalty isn't deserved. They rely on laziness and inconvenience in the hope it deter people from leaving, as do insurance companies. Account is convienient The banks attitude is poor.and there are far better rates out there.

cba do not reward loyal customers – We have had netbank saver accounts with high balances for at least 2 years now, and have only ever banked with cba for fifty years.Until December 2011 have continued to give us the bonus rates. They flatly refuse now, so we have just taken a large sum to the ANZ who are giving a whole 1.25% more on our money,in a netbank saving account. Our large… Read more

term deposits, maturing soon will also be "walking". This stance they are taking does not make any sense at all. Why would they be prepared to lose hundreds of thousands from a loyal customer in order to gain other smaller (possibly) amounts from new customers?

Does anyone have any ideas on this?

Bad – It's a pretty basic product. A bucket to stick your savings in and earn minimal interest, you probably only end up slightly above inflation. Other than having online access to your funds, it honestly doesn't offer much more than stuffing your money under a mattress would. Lacking in features, inflexible transaction processes, after two years I… Read more

am now shopping for a superior product. I think most discerning customers would find this a rather lack-luster offering overall. Convenience and reliable access to my funds. I stick my wages in there and i can get at them, guess that's a pro. The inability to schedule transactions from this account is ridiculous. Feels like the bank thinks I am an idiot that can't be trusted with my own money. The reality is that I am a busy person who does not want to waste time logging in and out of Netbank to shift dribs and drabs of cash back and forth between accounts. I don't want to schedule deposits into a savings account, I want to put ALL my money into savings and schedule withdrawals to a transaction account, that way i can really budget my spending every month and maximise my interest earnings.

Good – The Commonwealth Bank NetBank Saver is an excellent account to have if you are an internet buyer/seller. It is a more secure option as a secondary, additional account if you are an online seller (not that any online banking is secure, but as secure as one can hope for!), such as with Paypal etc, preventing one from having to give unknown… Read more

companies ones principal account number; i.e. if you are cheated you don't lose absolutely everything! This is an account that can only be accessed by transferring the money directly out of it and into your main account. Designed as a savings account, this makes an excellent holding account and secondary direct debit/deposit account for online transactions particularly as it has no monthly fees. It's free. It's secure to use for online money transfers, deposits and direct debits. Nothing. Having to transfer money to other accounts to be accessible via card/eftpos can be a bit of a nuisance, but a good preventative to on-spec spending.

Good – This account is great and suits me well. The interest paid is quite high and compounded monthly. The money is also accessible when desired. This account is very generous and provides for my needs. I would recommend this account to other people who want high interest but also accessibility to their money. Other people may have other accounts which… Read more

better suit them but this account is very appealing with what it offers. This account pays high interest and is very convenient being online meaning yo can bank when ever you want without having to queue. You must transfer from accounts to make withdrawals.

Excellent – Good account, learn to play the banks or else you are being riped off. My father has the same account and only learnt a couple of months ago I was getting 33% more then he was. If one gives you a better offer, walk with your feet. Fee Free, same interst rate as most term deposits accounts with money access available at any time. Easy to use bank… Read more

account with helpful tellers. When I threatened to leave the bank for another banks 'honeymoon rate' they said they would match it. Hence I have now been paid 1.5% above the standard interest rate for the last year. Knowledgable staff. I'm a student, to avoid bank fees etc. I think I will stay a student. They make interest from my money as it is, that is their profit, by charging me they bite the hand that feeds them. When they bil me for an over drawn credit account I threaten to leave- and I will when they don't treat me like a person they want. Long waits to get phone assistance.

Good – I have had Netbank Savers now for about 6 months and I like the concept of them, having funds cleared from linked accounts to the Netbank Saver, however as I have formally been a customer of ING and ANZ I really do think that the interest rate needs to be higher as a constant instead of having it as a bonus interest rate. It's great now that the… Read more

Commonwealth Bank has a new Netbank page instead of the old outdated interface that previously existed. It's easy to transfer money from my transaction account to my Netbank Saver The interest rate could be higher and scheduled transfers from the Netbank Saver to a transaction account would be nice